Money-printing has caused inflation — just not where we expected

I was asked once again why all this central-bank “money-printing” along with global zero-interest-rate or even negative-interest-rate policies haven’t caused a big bout of inflation, considering how currencies are getting watered down.

It’s a crucial question that baffled many minds for a while, but now, as this thing has been dragging out for seven years, bouncing from one major central bank to the next, without end in sight, the answer is becoming clearer.

This chart by NBF Economics and Strategy shows the growing pile of assets, expressed in dollars, that the “four big central banks” — Fed, ECB, Bank of Japan, and Bank of England — have heaped on their balance sheets: nearly $1

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